The logistics group co-owned by former Formula One driver and Co Down man Eddie Irvine enjoyed profits in the fast lane last year of £2.33m.

New figures lodged by Jenkins Shipping Group Ltd show that the firm recorded the profits after revenues increased by 4% going from £21.68m to £22.57m in the year to April 30 2016.

The profit last year represents an 8% drop on the £2.58m profits enjoyed in 2015.

Numbers employed at the Belfast-based group last year increased from 180 to 188.

Irvine is also to enjoy a 30% share of a dividend payout of £430,000 through his Tidswell Ltd, having a 30% ownership of the group.

The dividend payout followed a payout of £980,000 in 2015.

A former F1 driver from Conlig outside Bangor, Irvine raced for Jordan, Ferrari and Jaguar between 1993 and 2002.

During this time, Irvine raced in 148 races and scored 191 points with 26 podiums.

His most successful year produced his four victories for Ferrari in 1999 when he was runner-up in the championship.

According to the directors' report for the Belfast-based Jenkins Shipping, "the group is budgeting an increase in sales in the coming year to include the maintenance of current margins as well as growth from new business".

The directors add "as a result, we are confident that our current level of financial performance will improve".

The numbers employed by the group totalled 188 with staff costs at the group decreasing from £4.85m to £4.5m.

The principal activities of the group are shipping, warehousing, distribution of paper and timber products and a labour agency for port services.

The figures show that emoluments received by directors, including pension contributions, last year increased from £274,108 to £301,548.

The highest paid director at the group last year received £230,281. The director isn't identified - other directors to serve on the board with Irvine include Paul O'Hare, Catherine O'Hare and Jesper Kjaedegard.

Mr Kjaedegard resigned as director on September 30 and Lynn Caulfield and Frank Rowbotham were appointed as directors on October 7 last year.

The figures show that the group had shareholder funds totalling £5.1m that included £4.6m in accumulated profits.

The group's cash decreased sharply during the year going from £909,657 to £761,468.

The profit last year takes account of non-cash depreciation of £565,093.